President Biden and his Cabinet are doing an incredible job in the White House considering what they faced on their first day, including, a past president that could not look him in the eye.
Trillions of assets were provided to Wall Street, investment banks and hedge funds since the global economic collapse of 2007-2008. The country has done the right thing for all those financial markets over the years, now it is time for them to do their share after the worst handling of a virus by a president.
April 23, 2021By William Watts
Stocks finished with gains, (click here) but off session highs and with weekly losses for major benchmarks, bouncing a day after reports that President Joe Biden plans to nearly double the capital-gains tax rate for Americans earning more than $1 million a year. The Dow Jones Industrial Average DJIA, -0.18% finished around 228 points higher, up 0.7%, near 34,043.82, according to preliminary figures, after rising more than 300 points at its session high. The S&P 500 SPX, 0.18% closed 1.1% higher near 4,180, after trading above its April 16 closing high at 4,185.47 during the session. The Nasdaq Composite COMP, 0.87% advanced around 198 points, or 1.4%, to close near 14,017. Stocks were lifted after IHS Markit purchasing managers index readings for the manufacturing and services sectors hit records and data showed home sales continued at a rapid pace. Investors also played down worries over a rise in the capital-gains tax rate, noting that past rises have been shown to have little correlation with equity returns. The benchmarks lost ground for the week, however, with the S&P 500 off 0.1%, the Dow down 0.5% and the Nasdaq off 0.3%.
Since the global economic collapse the financial markets and their investment banks, including, hedge funds are awash in USA Treasury money and Fed dollars. There is absolutely no reason to think they cannot sustain higher tax rates so they FINALLY pay taxes BACK to the USA Treasury.
This is where we were.
April 23, 2021
February 23, 2020
By Fred Imbert and Eustance Huang
Stocks fell sharply on Monday (click here) as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.
The Dow Jones Industrial Average closed 1,031.61 points lower, or 3.56%, at 27,960.80. The S&P 500 slid 3.35% to 3,225.89 while the Nasdaq Composite closed 3.71% lower at 9,221.28....
That was AFTER the bad news from a president that didn't care about the people enough to PREVENT the virus from reaching the USA as President George W. Bush did.
...It was the Dow’s biggest point and percentage-point drop since February 2018. The Dow also gave up its gain for 2020 and is now down 2% for the year. The S&P 500 also had its worst day in two years and wiped out its year-to-date gain as well.
“The second-largest economy in the world is completely shut down. People aren’t totally pricing that in,” said Larry Benedict, CEO of The Opportunistic Trader, adding a 10% to 15% correction in stocks may be starting. He also said some parts of the market, particularly large-cap tech stocks, appear to be over-owned. “It seems like there’s much more to come.”...
This was pre-Biden announcement of increased taxes. I really don't want to hear how higher taxes are not in order considering the DECADE OF INDULGENCE OF THE FINANCIAL MARKETS BY THE USA AND THE FED!
Title to the article:
"Dow Jones Today, S&P 500 Set New Record..."
April 5, 2021
By Alan R. Elliot
Stocks jumped into April's first full trading week on Monday, (click here) boosted by a strong March payrolls report delivered during Friday's holiday. Airlines, casinos and semiconductors all drove early gains. Tesla led rallying electric-vehicle makers after topping first-quarter delivery targets. Boeing climbed in a buy range on the Dow Jones today.
The Dow industrials briefly plowed 300 points higher, up 0.8% to snatch a new record high....
...The S&P 500 rallied 0.9% on the stock market today, sending it to its own fresh record above 4,000....
...The Nasdaq Composite notched a 1.1% jump, giving it a bit more breathing room above its 50-day moving average....
By Matthew Fox
Money is quickly pouring into the stock market as the S&P 500 trades near record highs.
Bank of America said $602 billion had flowed into global stocks in the past five months, compared with $452 billion in 12 years.
A rotation out of bonds and into stocks could continue to favor stocks, the bank said.
...More cash (click here) has flowed into stocks in the past five months than in the past 12 years, Bank of America said in a note on Friday. It said $602 billion had flowed into global stocks in five months, compared with $452 billion over 12 years.
The trend reversal could lead to further upside, Bank of America said. In the past week alone, $14.6 billion flowed into stocks, according to the note....
Where did all that cash come from? The National Debt. I really don't want to hear how the Republicans oppose President Biden's policies, spending and bills to facilitate it.
It rose almost $7.8 trillion (click here) during his time in the White House — approaching World War II levels, relative to the size of the economy. This time around, it will be much harder to dig ourselves out.
I don't want to hear it. Trump saddled the USA with $7.8 TRILLION DOLLARS and what did he do to pay for it? Nothing. He LOWERED TAXES to increase the national debt even more.
January 14, 2021
By Allan Sloan and Cezary Podkul
One of President Donald Trump’s lesser-known (click here) but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.
The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war....
